Finance Minister meets with PIC over inquiry

CAPE TOWN - Finance Minister Nhlanhla Nene met with the board of the Public Investment Corporation (PIC) on Wednesday and informed them of an independent inquiry into the affairs of the institution which manages pension funds on behalf of South African government employees, a statement from Treasury said.

Nene has been under pressure to act after the PIC recently faced questions over its management of a 25 percent stake in VBS Mutual Bank, and misconduct allegations against chief executive Dan Matjila.

"Further details on the independent inquiry, including the name of its head, as well as its terms of reference, will be announced in due course," the Treasury statement added.

Treasury said the minister had directed the PIC board to commission "a proper forensic investigation" into allegations against PIC executives.